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1、Conference Takeawaysfrom the Asia Pacific Real AssetsLeaders Congress 2024A NEW GLOBALORDERThis years theme for the Leaders Congress,“A New Global Order for Real Assets,”resonates with macroeconomic trends,including peaking inflation and the anticipated cuts in interest rates.A renewed sense of opti

2、mism is emerging in Asia,especially as key economies like India,Japan and China align for growth.“Asia is no longer a hidden gem.More institutional global investors are investing in this part of the world,”Sigrid Zialcita,CEO at Asia Pacific Real Assets Association said in her welcome remarks at the

3、 conference held in Tokyo.Asias structural growth story remains intact,she noted,highlighting the expanding middle class and infrastructure needs as key drivers.Low-carbon transition and digital disruption trends are also opening up new investment avenues,she said.Asia Pacific Real Assets Leaders Co

4、ngress 2024John Lim,Chairman at APREA,also shared his optimism reflecting on the evolution of interest rates and market dynamics over the past year.He noted that the Federal Reserve lowering rates would spur investment activity.Lim highlighted the significant impact of U.S.monetary policy on Asian m

5、arkets,particularly for REITs,which are likely to gain traction as valuations recover.However,he also pointed out challenges in the region,such as slower growth in China and a more complex risk environment,which have led to more cautious capital deployment.While capitalization rates in Asia Pacific

6、have largely stabilized,signalling stronger fundamentals,the prospects for major repricing remain limited.Investors are avoiding China,instead focusing on opportunities in Japan and India.INTRODUCTIONSigrid ZialcitaJohn LimIn his keynote address,Yosuke Tsutsumi,Assistant Vice-Minister for Constructi

7、on,Engineering and Real Estate at the Ministry of Land,Infrastructure,Transport and Tourism,highlighted Japans ongoing economic growth after a prolonged period of deflation.He pointed to the promising landscape for real estate investments,offering insights into land price trends in major cities like

8、 Tokyo,Osaka and Nagoya,which have rebounded from pandemic-related declines.The office and condominium markets are also experiencing favorable market conditions for investment.The tourism sector is also booming,with expectations for a record number of foreign visitors and increased hotel constructio

9、n,driven by Japans goal of attracting 60 million tourists by 2030.Additionally,the logistics market is expanding rapidly due to the growth of e-commerce.J-REITs(Japan Real Estate Investment Trusts)offer stable returns with yields higher than those in other countries.Tsutsumi concluded by outlining t

10、he governments goal to increase real estate securitization to 40 trillion yen by 2030,reinforcing Japans position as an attractive investment destination.Asia Pacific Real Assets Leaders Congress 2024“Real assets in the Asia Pacific remain strategically positioned for investors looking to capitalise

11、 on the regions growth potential,but within a highly divergent environment,”Lim remarked.“Each country has its own market fundamentals and the impact of the Feds interest rate policy wont lift all boats.”In China,recent government stimulus measures have been welcomed,although sustainable growth rema

12、ins a key concern.The infrastructure sector,in particular,presents untapped potential,with investments increasingly driven by technology and sustainability trends.Yosuke TsutsumiAsia Pacific Real Assets Leaders Congress 2024Takahiro UchidaThe keynote presentation by Takahiro Uchida,CEO of Kenedix As

13、ia,explored the evolution of Japans real estate investment industry over the past 25 years and its trajectory moving forward.Key sectors,including J-REITs and private real estate funds,have matured,with significant growth attributed to diversified capital sources and stable demand.The industry has a

14、lso seen the emergence of innovative asset classes like tokenized real estate,reflecting the evolving needs of sophisticated investors and the broader shift toward digital transformation.According to Uchida,Japans real estate market continues to attract domestic and international investors,drawn by

15、its solid fundamentals and growing opportunities in sectors like single-family residences,logistics,and hospitality.International players,including sovereign wealth funds and institutional investors,are increasingly active,complementing domestic capital flows.Challenges remain,such as navigating mar

16、ket maturity,enhancing liquidity,and fostering ESG-driven investment strategies,but these also present opportunities for further innovation.Looking ahead,the presentation emphasized the importance of adaptability and forward-thinking in addressing industry challenges.Integrating digital tools,creati

17、ng sustainable business models,and expanding access to individual investors are key to driving growth.With the rise of cross-border transactions and a focus on delivering stable returns,Japans real estate industry is poised to remain a dynamic and integral part of the global market.KEYNOTE PRESENTAT

18、IONJapanese Real Estate Investment IndustryThe conference kicked off with a discussion on the growing significance of the Asia Pacific region as a key diversification tool for global investors.While year-to-date transactions in the region remain lower than in previous years,the office markets in Jap

19、an,Korea and India are showing distinct trends.Notably,these markets are seeing a greater return to in-office work compared to the remote work trends prevalent in the U.S.and Europe.The regions resilience during economic downturns was also highlighted.“APAC is coming of age for global investors.Whil

20、e Japan and Australia have been key markets,India is now gaining attention,”said Amit Diwan,Country Head of India at Hines.“Investing in India offers exposure to strong structural tailwinds,but deep local expertise and the ability to execute at the asset level are crucial.”Moderated by Thomas Morize

21、t of MSCI,the panel discussion emphasized the growing importance of the region,with Japan and India becoming increasingly attractive due to their strong economic growth and diversification potential.The hospitality sector is evolving,with an increased focus on wellness and unique experiences.Additio

22、nally,Japans residential market is viewed as a stable and attractive investment option.Environmental,social and governance(ESG)factors are playing a more prominent role,with investors increasingly willing to pay a premium for sustainable assets and practices.Other emerging sectors include data centr

23、es,life sciences and senior housing.Panelists stressed the importance of adapting and reimagining real estate strategies to respond to evolving market conditions,noting that the ability to repurpose assets is becoming increasingly crucial.PANEL SESSION 1Real Estate Reimagined:Whats NextAsia Pacific

24、Real Assets Leaders Congress 2024Asia Pacific Real Assets Leaders Congress 2024“We are seeing the hotelification of the office market,retail evolving with entertainment and residential now focused on community building.An active management strategy is key,”said Neel Raheja,Group President at K Rahej

25、a Corp.India,in particular,is noted for offering some of the highest unlevered internal rates of return globally,with strong demand for REITs and a robust domestic market supporting liquidity.However,Anish Rai at RMZ Real Estate pointed out that,while Indias office sector is booming,geopolitical ris

26、ks and educational gaps in technology could pose challenges.Russell Wee at Jean Yip Developments and James Ong at TPC emphasized the importance of proactive asset management,particularly in hospitality.Ong discussed how wellness is being integrated into hotel experiences,noting that his company oper

27、ates not just as a hotel,but as a wellness school,offering medical check-ups and tailored wellness programs.Wee,on the other hand,shared a more cost-effective approach,focusing on low-cost wellness options without extensive services.Despite their divergent strategies,both acknowledged the increasing

28、 demand for wellness-oriented experiences among consumers.The next panel discussion shifted focus to the rapidly evolving data-centre industry,where the impact of AI,investment strategies and technical challenges were central themes.A key takeaway from the panel was the explosive growth in demand fo

29、r data centres driven by AI.This AI-driven expansion could outpace the infrastructure of traditional data centres,with power supply becoming a limiting factor in certain markets.“Data centres are riding on a megatrend with strong tailwinds.They are recession-proof and investors are eager for exposur

30、e and diversification with stable returns,”said Michelle Lee,Managing Director,Private Funds(Data Centre)at CapitaLand Investment.Diarmid Massey,CEO,Data Centres at ESR,noted that the construction of data centres may slow in saturated markets and shift to secondary markets that are less constrained

31、by power supply.While AI is a significant driver of this demand,the growth of cloud and digital transformation also contributes to the sectors expansion.As AI-driven data centres become larger and more expensive,the need for funding,specialized investment funds and partnerships is rising.The shift t

32、owards AI-driven data centres is increasing construction costs,mainly due to the need for advanced cooling solutions such as liquid cooling over traditional air cooling and the higher density of racks and servers.Several companies are working towards carbon neutrality by 2030,aiming to power their d

33、ata centres with renewable energy.Still,challenges remain in ensuring consistent power supply as renewable sources like solar are intermittent.“The genie is out of the bottle.AI is going to grow but it is a supporting element to the digital market thats already there,”said Alistair LaBrooy,Director

34、at AREA Real Estate Advisory Sdn Bhd.Asia Pacific Real Assets Leaders Congress 2024PANEL SESSION 2Data Centres in the Age of AIThe third panel turned to the logistics and warehousing industry in the region,noting how the sector has evolved since the pandemic.The shift towards home delivery services

35、has driven increased demand for warehousing,while traditional office spaces have faced declines.Joe Gagnon,Partner at Hillhouse and Co-Head of Real Assets at Rava Partners,emphasized the compelling investment opportunities in the warehousing sector.He pointed out the ongoing growth of e-commerce and

36、 technology,which continue to drive demand for modern warehousing solutions.Although demand varies by market,most regions are under-supplied compared to their developed counterparts,presenting substantial opportunities for development.While markets like Australia are experiencing a slowdown,regions

37、such as India are witnessing a boom.Conversely,Gagnon noted Chinas challenges in lower-tier cities but the long-term outlook remains optimistic.“Investors are focusing more on logistics than on industrial,but thats short-sighted,”said Gagnon.“If youre active in developing Asia,I believe cap rates fo

38、r industrial should be lower than logisticsthis would radically oppose the thinking of most investors.”Gagnon identified China as the best investment opportunity in the region at present.Anshul Singhal,Managing Director at Welspun One,spoke on the rise of e-commerce in India,highlighting the emergen

39、ce of“quick commerce,”where consumers demand deliveries within 10 to 20 minutes.This illustrates the rapid evolution of consumer behaviour in the region.PANEL SESSION 3From Resilience to Reinvention:Logistics and WarehousesAsia Pacific Real Assets Leaders Congress 2024Anish Sanghvi,Partner at PwC In

40、dia,discussed the evolution of investment structures in India,noting that while entry and exit strategies can still be complex,the regulatory environment has become more liberalized,making transactions easier.Katsuyuki Victor Mineta,CEO at KIC Holdings Inc.,offered insights on Japans logistics marke

41、t,which has matured over the past two decades.He noted that Greater Tokyo is currently facing an oversupply of logistics space.However,there is rising demand for cold storage,driven by demographic changes and an aging population.Mineta also identified potential in AgriTech and hybrid facilities comb

42、ining warehousing and agricultural research.Asia Pacific Real Assets Leaders Congress 2024Moderated by Shobhit Agarwal,CEO at ANAROCK Capital Advisors,the panel further explored the